Earnings Preview: Mylan

Mylan (NASDAQ:MYL) is expected to report Q3 earnings before market open Thursday, October 30, with a conference call scheduled for 10:00 am ET.

Guidance

Analysts are expecting a profit of 11c on revenue of $1.15B. The consensus is 7c to 13c for EPS, and revenue of $1.08B to $1.24B, according to First Call. In its Q2 earnings release, Mylan reported EPS 16c compared to a consensus of 10c and revenue of $1.19B, compared to a consensus of $1.11B. In September the company gave FY08 EPS guidance of 47c to 53c. Positive drivers for this quarter could be accretion from the Merck KGaA acquisition and higher sales from Matrix, while negative influences include slowing sales in the companies older generic portfolio.

Analyst Views

On October 29 Stanford noted that the Duragesic genetic threat is overblown after checks indicated very limited supply in the trade a week after approval and launch of Teva's (NYSE:TEVA) generic Duragesic patch. The firm maintains a Buy rating on the stock. On October 7 Caris noted that debt concerns are overblown. After speaking with management, Caris believes concerns surrounding Mylan's floating rated debt, particularly that which is tied to LIBOR, are overblown and unwarranted. The firm reiterated its Buy rating.

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